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We're diving ving to starting a business
Wewe've got this interview with josh cofmen from the diary of a ceo
Youtube channel
Let's stone packyer
Yeah
Cofman's really good of breaking down like these kind of big business ideas right into actual steps
Yeah
Exact like things you can actually use it's not just theory right okay first up
He's got this idea of the five parts of every business
Business says business from a leminate stand to you know like a huge of every business the same five elements
Value creation
Marketing
Sales
Value delivery and finance
What jumped out you well i'm they're all important
But that value creation part really got me thinking yeah like really what problem are you solving
And will people pay for your solution
And he had the story about liquid laundry detergent that just blue
My mind it wasn't even that the powder was bad at cleaning right
It was all about what people thought
Totally they thought it didn't dissolve well so they wwait to put it in even though the chemistry like uh doesn't how work exactly
But that's how people were behaving not just what they said yes so then they came up with liquid deterget
好的好的
Makes you think about like yeah watching what people actually do not just what they say they do right
So before you even think about putting your job and going all and on your idea
Cofmans like hey
Vid
Validate
Validate yeah
He does mean just asking your friends and family
Yeah
He wants people to actually like commit somehow put their money
Weether mouths
Yeah
He even says show me a credit card
That's been swiped
And then i'll believe it's a real problem
I love that are people willing to pay to solve this yeah
Okay
So let's say you've got a validated idea
You're ready to get the word out
Now coffman dives into marketing psychology all about those core human drives s to acque bond
Learn defend and feel
And then there's that liquid death example yeah
Selling water in a can
But they're like a billion dollar business i know
So it's like what are they doing right
It's the marketing yeah
If you think about those drives
Cofman talks about they can
It's like i want this cool things different
And it's like being part of group that gets it yeah
I'm not just buying water
I'm buying into something
So it's not just the product
It's the feeling
The whole story
And that leads into this idea of counter signalling
Did you find that as fascinating as i did
Oh
Totally going against the grain yeah
Not just fitting in
But like challenging everything
He uses that crazy example of brudodog the beer company
Bbleup up cases of comcompetor's beard
Wow talk about making a statement
I know it's bold yeah
But in a crowded market so much
You have to stand out that way be different
Exactly so don't be afraid to challenge conventions
And then there's his take on competition
Yeah
He says a crowded market shouldn't scscand um
It should encourage
You really should 'll think about it
It
It enoury it
It probably no demand um
But if it's crowded ded it means people want it
对对对对对
没有没有
The'll pay for
For
So competitors are in a threat their lake validation
And you can learn from them uh
Confman says
Buy their products
Study their marketing
See what works
See what doesn't exactly so don't reinthan the the will right learn
And then do a better or do it differently okay
So we've got validation marketing competition
And now things can get a little overwhelming
You know especially with the finances right
But confment really breaks it down
He does you don't have to be a math genius
No
It's more about common sense
Yeah
Like what you're cost forces
What you make
Can you keep going is it enough exactly
And this leads into one of his big principles
Experimentation
Yeah
Embracing uncertainty trying things out in the real world
He literally says
I don't know let's find out love that instead of overthinking just do it
And then there's the explore
Exploit trade off explain that so trying new things
But also focusing on what's ardy working finding that balance right
So you're always adapting and learning ok
So we've got validating the idea using emotions in marketing
Tackling the competition head on
But cofmman doesn't stop there
He goes into rapid skill acquisition
You know about whole ten thousand hours thing yeah
He basically says
Forget about that only twenty hours yeah
Twenty hours of focus practice can get you surprisingly far twenty hours is way better than ten thousand
It's much more approachble right okay
So how do we do it
What's the secret
Well
He's got ten principles
And i think some will really resonate with you hit me with them
Okay
So first pick a lovable project
Something you're actually excited to learn make sense
If you love it
It won't feel like work right and break it down
Smaller chchks don't try to learn everything at once right
Master the little pieces first like when i was learning to dj
Yes
I just wanted to jump on the decks and start mixing
But my instructor was like hold on
Let's talk about the music
First about building ding foundation
Yeah
And it helps so much
So it is not just copying its understanding the why behind it right
So we've covered a lot validating your idea marketing competition
Even learning new skills fast yeone of the things that really stuck with me was coffman's idea
That there's no such thing as a wasted experience
I love that idea
He says everything you learn
Even your downtime can help your business in ways
You don't expect like steve jobs in its colligraphy class
Yeah
Who knew that would end up influencing apples designs
It's like you never know where inspiration will come from right
You can't connect the dots
Looking forward
Only looking back exactly and inconfimances don't waste time
Wasting time which sounds kind of contradictory
What body means is be intentional
You know
See everything is a chance to learn
Even relaxing right
Even downtime can start ideas
It's true
I get some of my best ideas
And i'm just out for a walk
Or something and that reminds me as something else confiment talks about building a good team
Hiring the right people yeah
Not just skills but shared values
You know people who are passionate about what you're doing right natiks like good communication and keeping things simple like not too much bureaucracy
Yeah
Let people do their best work
It seems like he's all about empowering people definitely
And that ties back to minimizing regrets too right by creating a good environment
You're helping everyone succeed
Exactly speaking of regrets
I was really struck by that question kfmman brought up from previous guest about
Whether you regret things you've done
Or things you haven't done
Oh
That's a tough one
It is
It is
Coffin said he actually regrets things he's done
More than things he hasn't which is interesting
You would think it would be the other way around
Yeah
But it makes sense like sometimes we don't do things or you're afraid
Right you're afraid or you're afnown
But even if you make a mistake at least you try it
Because learn something exexactly and lelearning can be more valuable than playing it safe
It's like don't let fear hold you back
This makes me think about all the times i've hesitated to try new things
You know we've all been there
It's like what's the worst that can happen right you might fail
But you'learn
And then you can use that to succeed later right
It's like what confrence said about competition
Even when you lose
You learn
Yeah
It all comes back to that
And this reminds me of the iron law of the market
Oh Yeah
What was that again markets that don't exist
Don't care how smart
You are so if nobody selling it
There's probably no market for it right
Which means if you see a crowded market
It's not a bad thing
It means there's a need so find a way to stand out be different unique and experiment
Try new things see what works
This is all great stuff
But i wanted to go back to what you said about hesitating to speak up in meetings
Yeah
I do that all the time yethink a lot of people do one like get
Get stuck
My
My hehead in the momoment's gone well
Cofman has some great device for that in his book
The first twenty hours
Oh
Yeah this ten principles for learning new skill exactly and one that i think appappice es here quantity and speed over perfection
So don't worry about getting it perfect
Just do it right
Just start
And then improve as you go
And this supplies is starting a business too absolutely don't wait for the perfect plan
Just take action ready fire aim exactly learn and adjujust ce you okay
I like that
And then coffman talks about simplicity
Gools law
Gools law
Yeah
Complex systeeevolfrom simpler systems that work so start simple
对的对对的
Right don't overcomplicate things
He used that great example of the sent difusion system
Instead of starting with a complicated machachine
Start with a candle
A candle i love that deproves the concept you know
And then you can build from there exactly starts small get feedback and improve okay
And there's the idea of framing
Yeah
How you present something matter like the woop fitness tracker
No clock on purpose
If it had a clock
It would be a watch
Not a fitness tracker
Er actly different expectations
Different rampoint
It's all about perception
Right words matter
Context matters
Wow
This has been a lot
We've talked about validation
Marketing
Competition
Experimentation
Simplicity
Framing
And don't forget passion and purpose
Yeah
If you really care about what you're doing
It makes all the difference
It's not just about making difference
It's about making a difference
And that reminds me you something coffmman said
好的好的的好的
You can always tell when someone is doing work
That only they can do
Have you ever felt that way
Oh oh Yeah
For sure
It's like everything clicks you're in the zone and the results are amazing
So as we wrap up this deep dive on josh coffen
It's clear
That passion and purpose are key
And don't let regret hold you back
We regret the things we don't do
More than the things we do
So take a chance find your thing
The thing only you can do
Yeah
It's not just about the destination
It's about the whole journey
Right there will be challenges long long way for sure
But that passion keeps you going
You know
Makes it all worthwhile
And it reminds me of something else
Coffman said
You can always tell when someone is doing work only only they can do
Oh Yeah
You were felt t that definitely like when everything just clicks you know your element
It's like that flow state where a time just disappear
And the results are incredible
You can just feel the energy
It inspires everyone
So as we wrap up this deep dive on josh coffen
We've covered so much validation
Mark comcompetition
Experimentation even simplicity
But it all comes back to passion and purpose finding your thing
And not letting regret hold you back
Because we regret the things we don't do
More than the things we do
To take that chance
If there's one thing i want you to take away from this
It's that don't let fear stop you embrace the unknown experiment
Try new thing find which
Which 're men to do what's your lovable project
You know that thing you've been putting off
Right it down
Make a plan and take action
Because the only true regret is the regret of inaction
That's it for this deep dive
We hope you found it helpful and inspiring
And that you're ready to take your business dreams to the next level go out there make it happen
